PNC reports 4Q profit decrease thanks to BlackRock Inc

By Alex Steblinina. PNC Financial Services Group Inc. reported profit decrease in fourth quarter because of writedowns linked to commercial mortgages and the company’s stake in BlackRock Inc.

Net income was as low as $178 million in comparison with $376 million a year earlier. The bank earned $1.07 a share, but its business was impacted by costs from funding BlackRock

PNC Financial Services is a U.S.-based financial services corporation, with assets of $101.8 billion. PNC operations include a regional banking franchise operating primarily in eight states and the District of Columbia , specialized financial businesses serving companies and government entities, and leading asset management and processing businesses. PNC also owns the Louisville-based Hilliard Lyons investment firm. PNC is America's 11th largest bank by deposits and is the third largest bank off-premise ATM provider in the country.

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